MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1701%/8h= +186.2% APRnext payment +$2.13 per $10,000 · paid last 24h −0.042%

Price spread now: Injective against Kraken Futures+0.541%63s7-day average +1.013% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.185%+$118 on $10k

Price spread, last 4 days (all we have)+0.403%+$40 · spread now +0.541%, 7d avg +1.013%

Together, before fees+1.587%+$159 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.472% cheaper against Kraken Futures than usual: you would sell low and buy high (spread +0.541% now, against its 7-day average of +1.013%). If the spread goes back, that is −$47 on $10k: about 22 hours of funding at the current rate (+$51 a day). At the pace of the last 7 days (+1.185% in total) that is about 2.8 days. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.185% in total (about 61.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.13 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_MORPHOUSD	2.6288	−0.1668	get 0.0208% / 1h	15m 58s	$82K	$127K	20x
Short	Injective MORPHO/USDC PERP	2.6430	0.0033	get 0.0004% / 1h	15m 58s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee InjectivebpOrdersPrice spread, now +0.541%Rate

Funding earned: $357.19
Price spread: +0.541% → +1.013%: −$47.17
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $300
Costs to cover: 0.100%
Break-even: 1.1 days

Slippage unknown: Kraken Futures: live order book, 46 min ago; Injective: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kraken Futures live order book, 46 min ago	17.33 bp	29.9 bp −$30	3538.3 bp −$35.4K	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MORPHO on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_MORPHOUSDlong	−0.1668%	1h	2.6288	long leg	$82K	$127K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1117%	1h	2.6301	+0.051%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0664%	1h	2.6255	−0.124%	$863	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6299	+0.043%	$602K	$243K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6345	+0.218%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0158%	4h	2.6296	+0.032%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0153%	1h	2.6308	+0.077%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0138%	4h	2.6271	−0.064%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6304	+0.063%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6313	+0.096%	$43K	$392K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERPshort	+0.0033%	1h	2.6430	+0.541%	$37	$242K	5.5x
Gate MORPHO_USDT	+0.0034%	4h	2.6294	+0.024%	$757K	$504K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6312	+0.094%	$315K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6292	+0.018%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6328	+0.153%	$6.2M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6304	+0.062%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6278	−0.037%	$15.9M	$25.4M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6306	+0.070%	$8.3M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6298	+0.039%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6295	+0.028%	$5.8M	$842K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6324	+0.138%	$598K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6313	+0.096%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6292	+0.016%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6310	+0.084%	$627K	$848K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6304	+0.062%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6288	−0.001%	$101K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6324	+0.139%	$1K	—	100x	as long as short